Monitoring transaction or job latency is one measure for determining the health of an application or service tasked with performing the transaction (or job). As referred herein, latency is a time delay between the moment a task is initiated and the moment the same task is completed. The task may be a transaction, a job, or a component of such a transaction or job. Thus, for example, a transaction latency is response time of the transaction, i.e., the time delay between the moment the transaction is initiated by an application (or service) and the moment such a transaction is completed by the application (or service). Once longer than normal latency is observed of a transaction, there is a desire to isolate the cause or primary component that is contributing to the longer latency in order to rectify the problem. However, the typical methods of looking at single measures of normal and abnormal latencies makes it difficult to accurately assess the problem because such measures are not deterministic and are affected by noise and other external influences.